# In the matter of Raheja Developers Limited

> NCLT judgment dated 2025-08-21. Citation: TCN-2025-NCLT-01238. The instant Company Petition is filed by Shravan Minocha and 129 other persons who are…

- **Court:** NCLT
- **Order date:** 21 Aug 2025
- **Citation:** TCN-2025-NCLT-01238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/raheja-developers-limited-09967991

## Summary

### Background

The instant Company Petition is filed by Shravan Minocha and 129 other persons who are allottees of 130 Units (‘Applicant'/ ‘Financial Creditors') under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (‘CIRP') against M/s. Raheja Developers Ltd. (‘Respondent /Corporate Debtor')

## Facts

The Corporate Debtor had committed a total amount of default amounting to Rs. 38,89,72,809/-.

The total debt advanced to the Corporate Debtor by all Applicants by way of various installments is INR 17,77,85,670/- and addition of 15% interest (from the date of payment by individual Applicants till 31.12.2024, applied on reciprocal basis as per the respective BBAs) as the Corporate Debtor has cumulatively defaulted the Financial Debt paid by the Applicants towards the purchase of their respective units.

The Corporate Debtor represented that it was seized and possessed of approximately 10 acres of land for the development of the Impugned Project, comprising around 1660 flats/units, under the Affordable Housing Policy, 2013.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The application satisfies the threshold requirement under Section 7 of the Insolvency and

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**Reasoning:** The present application has been filed by 130 allottees of the aforesaid Project. Even as

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**Interpretation:** The Adjudicating Authority has the territorial jurisdiction as the Adjudicating

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**Application:** The instant petition I.B./284/2025 stands admitted and CIRP of M/s. Raheja

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Shravan M…; Sabina N…; +151 more
- **Respondents:** Raheja Developers…
- **Other parties:** Brijesh Singh…
- **Advocates:** Manu Chat…; P. Na…; +2 more

## Timeline

- **2025-05-21 — Hearing…**: The matter was first taken up for hearing on 21.05.2025, wherein the Petitioner was…
- **2025-07-02 — Hearing…**: On the subsequent date of hearing, i.e., 02.07.2025, the Learned Counsel appearing for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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